Is your bookkeeping giving you a headache each month? Are you finding yourself strapped for time and money because your invoices keep getting put in the wrong pile of papers? Are you tired of not knowing where your business is at financially? If so, then it sounds like your bookkeeping is not doing all it can for you, and you should investigate your outsourcing options. There are many good reasons to outsource your bookkeeping, including fewer headaches!

In what I have found, outsourcing can be a source of relief emotionally, financially, and on your time. I will get into the financial and time aspects of relief a bit later, but I would like to touch on the emotional relief first.

Outsourcing your bookkeeping can offer you peace of mind when it comes to your business financials. Once you have a system in place and due dates set up, no longer will you need to worry about if you will get a report on time, or if that invoice was paid. Having that peace of mind allows you to focus where it is important for your business. Putting your efforts where they are really needed in your business helps you to not dread your daily grind at work and sets you up for higher job satisfaction. And as we all know, higher job satisfaction creates more productivity, which helps clear your mind of stress and benefits the company in so many ways. Lastly, you can also have peace of mind about your cyber-security. Online bookkeeping programs that many outsourcers use are as secure as logging into your bank account online. Securing your documents electronically keeps you from succumbing to documents getting put in the wrong pile on your desk and accidentally getting thrown away.

Now, let’s talk finances. Financially, outsourcing your bookkeeping is a no-brainer. By outsourcing you can reduce month to month costs. The ability to get multiple people working on your finances as opposed to hiring one in-house person is unbeatable. Most outsource companies have multiple people working there and can have more than one person working on your accounts as needed. Additionally, if one person is out, the company doing your bookkeeping can still be sure that your deadlines are met. Also, your cash flow will likely improve. By having an unbiased person looking at your finances regularly, they can help you to be sure all invoices are paid in a timely manner, which reduces late fees, and can even earn you discounts with some vendors! If cutting costs and improving cash flow are not good enough motivators to outsource your accounting, here is one more reason. Typically, outsourced accountants have the latest knowledge of financial trends and the newest accounting systems, which sets you up for an easy to-do list on your end.

If the emotional health of your company and the financial success need any more help convincing you to outsource your bookkeeping, think about the time you will have saved. You will no longer have to input invoices daily or weekly. You will get reports sent out quickly, as they will be generated by someone who has thorough knowledge of whatever system you are using. All you need to do is send an email or make a phone call, and you can get tasks taken care of quickly. Many outsourced bookkeepers use cloud-based software, so you will be able to access any approvals while at a conference or you can easily transfer those responsibilities to someone else while you are on vacation. There is so much flexibility. Lastly, you can even have your outsourced accountants help prepare tax documents, like 1099s, so you will not have to.

Now that you have heard some great options about why to outsource your bookkeeping, it is time to act on it! If you have any questions or would like to outsource your bookkeeping to Devine Consulting, please contact us. We would love to help you have a smooth transition and share all we offer with you. We offer a personalized experience that is unique to you and your company’s needs, and really care about your success. Simply click the ‘contact us’ tab on the top of the page, select how you would like to contact us, then relax! You will soon be on your way to an easier time with your finances.

Another 1099 season has come and gone, can you believe it? Although this season is finished, I wanted to chat about some ideas to help make 1099s easier in the future. I thought it especially fitting as many of us have set resolutions to be more organized in the work place for this coming year, and it is never too late to set up the necessary systems to be successful in our resolutions.

In just a few simple steps, you can be ready for the smoothest 1099 season yet!

·Step 1: Get W-9s from any potential 1099 vendor before you cut their first check for the calendar year. Your filing of 1099s in the future will be so much easier if you already have the necessary tax information from all your vendors!

·Step 2: Keep your payment records organized throughout the year. Find a system that works for you, and stick to it! If you have an accountant, they are the perfect person to help you out with this.

·Step 3: As the calendar year ends, figure out who will need a 1099 form from you. The most common qualifiers for someone who will need to receive a 1099 form are as follows:

oWere paid a $600 or more throughout the year, and not paid via credit card. If you paid them via Venmo or ACH they will need a 1099.

oProvide services for your business such as bookkeepers, virtual assistants, copywriters, lawyers, etc.

oThe vendor must not be classified as exempt on their W-9, as a C Corp, an S Corp, or an LLC that files taxes as a C or S Corp

oAre not a W-2 employee

·Step 4: Plan when you want to be done filing your 1099 forms and then file them by January 31st! Remember, you will need the information from their W-9 form and how much they were paid by you. Again, if you have an accountant they will typically be able to do this for you. You don’t even have to worry about it! We at Devine Consulting happily offer the service of filing 1099s so our clients do not have to stress over this.

If you don’t have an accountant or are looking to outsource your accounting, be sure to check out the rest of our website! We love offering cloud-based accounting for our clients and feel it allows us to offer them high quality service without wasting time or resources.

You've taken the leap of faith and finally decided to turn your passion into profit. You've spent countless hours creating your brand that sets you apart from your competitors and met with your trusted team of professionals to help your startup business hit the ground running. You're ready for that cash to start flowing! Wait, but where is it going to flow? Your personal account? Negative. While you, the owner, are your business, your finances need to be kept separate.

As bookkeepers, it is far too often we see business owner's personal and business finances intertwined. While your personal credit score may have landed you that business loan, it is imperative that from here on out you create a clear boundary between your personal and business finances and maintain records of where your company’s money is going. Not only is it the law, but it will make your life and your CPA's life one hundred times easier come tax time. As your business grows, this is going to get more difficult, but here are some ways to alleviate the headache.

Open a business checking account - This should be number one on your list. Do your research on what kind of business plans banks offer and go for the one that seems right for your business. We suggest opening a business checking account with the same bank you use for your personal finances. This will come in handy should you get in a bind and need to transfer money from one account to the other. Your CPA will also thank you. Trying to wrap your head around which transactions are personal and which are business related is no fun.

Get a business credit card - This will help build your businesses line of credit which will come in handy with vendors and such in the long run. And again, it will help with your record keeping and come in handy should you ever get audited.

Write yourself a paycheck - You're your own boss. Add yourself to your company’s payroll and treat your pay check as you would if you were working for somebody else. If you're running out of funds, tighten the belt until the next payday. Your business checking account should be off limits for personal use.

Establish your business structure - Sit down with your trusted team of advisors and decide whether to structure your business as an Corporation or LLC. Treating your business as its own entity will come in handy should things go south and your business ends up being sued. This protects you, personally, from any business debts and liabilities.

Track your expenses - Last, but certainly not least, track your expenses. Make sure you have a clear record of all purchases made with your business checking account. Setting up an accounting software such as QuickBooks is a necessity. If you need to buy business and personal items at the same time, ring them up as separate transactions.

At times separating your finances can seem like a pain, but it is worth it in the long run. You do not want to find yourself in an audit with a mess of your personal and business finances and you always want to keep your accountant/bookkeeper in the loop. We want your business to thrive and will do all that we can to ensure success. At Devine Consulting, your success is our business. Give us a call at (281) 545-4000 for a free quote, or you can tell us about your business financials here.

This year is quickly coming to a close with major holidays shoved into the mix of things. Will your company be ready to file taxes for 2016 or will there be an extension filed?

Bank, credit card, loan and line of credit accounts should all be reconciled throughout the whole year to ensure that all expenses and income are properly accounted for. This will also ensure that there are not any erroneous or duplicate entries.

The balance sheet and profit and loss should also be reviewed to ensure that items are categorized correctly. For instance, some items purchased may actually be an asset to the company and not an expense.

But don't stress, we can help with all of this! Devine Consulting can provide some training and/or guidance to ensure you are on the right track. We also can help by doing specific tasks so that you don't have to. Contact us for more information!

Enjoy your holidays with less stress!

Exciting News: Devine Consulting is a QuickBooks Certified ProAdvisor! We have worked dilgently to ensure we can provide the best level of service for our clients.

Holiday Schedule: Devine Consulting will be closed in observance of Thanksgiving on Thursday, November 24th and Friday, November 25th.

In Case You Missed It: Check out our blog about what bookkeeping options there are for small business owners!

IntroducingIntacct!

ACloudBasedAccountingSoftware

Devine Consulting is excited to announce our partnership with Intacct! We are happy to be able to offer another software solution for new and growing businesses!

Intacct is a cloud based accounting software that not only offers you flexibility, but also visibility into your company. With a customizable dashboard and reports, you will be able to see your company's finances quickly, easily and on the go!

What makes Intacct so different?

Allows you to have multiple locations and multiple entities making intercompany transactions easier.

Reports are highly customizable.

Employees can access information on the go from cell phones and tablets.

Work flow approvals are available.

Quarterly updates to the software with no need to have your own IT.

Integration with other applications so re-entry isn't needed.

As your company continues to grow, Intacct has the ability to grow with it.